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The Ominous Parallels

Today the Dow was up 10%.  Brokers and bankers and government officials have been telling us that now is the time to buy.  What were people saying about the market in 1929?Wave of Buying Sweeps Over Market as Stocks Swing Upward Radio Flashes High; General Motors and Steels Soar By Laurence Stern The atmosphere of doubt and caution which Wall Street in recent weeks has come to regard almost as habitual on Thursdays was swept away yesterday in a rush of buying... Perhaps the market's own strength weighed as heavily with speculative minds as the logic of the situation, since the tape is the one institution Wall Street does not argue with. At any rate, the market appeared entirely confident from the opening gong. It was a firm, almost buoyant, opening, many initial transactions involving large blocks at sizable price advances...continue to full post

Full post as published by Crime & Federalism on October 28, 2008 (boomark / email).